DIRECTV (NASDAQ:TV) has announced that its subsidiary DIRECTV Holdings LLC intends to offer a benchmark size issuance of senior notes. The offering is subject to market and other conditions. The Senior notes will be unsecured senior obligations of DIRECTV Holdings, LLC. They will rank equally in right of payment with its existing and future senior debt. The net proceeds from the offering will be used for the company’s general corporate purposes, including the repayment of some of its Term C Loan issued under a senior secured credit facility.
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DIRECTV Class A, formerly The DIRECTV Group, Inc., is a provider of digital television entertainment in the United States and Latin America. The Company operates in two segments, DIRECTV U.S. and DIRECTV Latin America (DTVLA), which are engaged in acquiring, promoting, selling and/or distributing digital entertainment programming through satellite to residential and commercial subscribers. In July 2008, the Company acquired 180 Connect Inc., pursuant to which it became a wholly owned subsidiary of the Company. In a related transaction, UniTek USA, LLC acquired 180 Connect's cable services operating unit and certain DIRECTV installation services from DIRECTV, in exchange for UniTek's satellite installation services. In November 2009, Liberty Media Corporation completed the split-off of Liberty Entertainment, Inc. (LEI). LEI holds Liberty Media Corporation's 57% interest in DIRECTV, a 100% interest in Liberty Sports Holdings, LLC, a 65% interest in Game Show Network, LLC.
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